EUR/JPY Up 7 Pips On 4 Hour Chart, Moves Down For the 3rd Day In A Row; Nears 200 Day Moving Average

EUR/JPY 4 Hour Price Update

Updated June 18, 2020 09:07 AM GMT (05:07 AM EST)

EUR/JPY is up 7 pips (0.06%) since the previous 4 hours (opening the current 4 hour candle near 120.267), marking the 2nd candle in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EUR/JPY ranked 17th the previous 4 hours in terms of percentage price change.

EUR/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/JPY is down 12 pips (0.1%) since the previous day (opening today near 120.185), marking the 3rd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, EUR/JPY ranked 29th the previous day in terms of percentage price change. Below is a price chart of EUR/JPY.

EUR/JPY Technical Analysis

Coming into today EUR/JPY is now close to its 20, 50, 100 and 200 day averages, located at 121.175, 118.3472, 118.4908 and 119.6356 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 54.9 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days EUR/JPY’s price has gone down 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURJPY, with 10 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.59, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURJPY is struggling to break below the 1.20 area and looks to be building momentum for upside. will look at lower TF for a better entry. Alternative scenario is for it to continue going down under the sharper trendline, but the yen pairs look to be building.